Terra Catalyst Share Discussion Threads

[topvest] 29/9/2017 15:06

Still waiting to get my money back on Value Catalyst Fund. Think I made a profit on this one 3/4 years ago. Laxey have turned themselves into DBAY. I don't trust them. They are a bit aggressive in my view.

This is looking like a total write-off to me as leveraged Italian property is not the best place to be. Been a disaster for a decade and looks like it will be a disaster for another decade.

[rjmahan] 29/9/2017 10:42

I can see the appeal - shocking how a debt / NAV ratio can move that fast...

[robizm] 27/9/2017 17:50

Why did i buy these at 35p

[robizm] 23/8/2017 07:29

Dont like the way they milk the running costs of this as what do they have to do and what happens when the cash runs out

[topvest] 14/7/2017 21:53

Yes, right with you on not trusting Laxey Partners!

[rjmahan] 13/7/2017 20:40

Glad I sold out of this - lucky escape. I had hoped they would be able to sell down property and repay debt but it obviously hasnt happened like that.

Still not entirely convinced its a complete no hoper, debt / NAV was 57% !, telecom assets are high quality - though there is a lot of junk in there too.

There was a eur 20m (from memory) payment due in 2017 - part of reason I sold out. Surely can be renegotiated again?

Dont entirely trust laxley not to try to pick up TCF on the cheap... Dont think we are anywhere near the bottom yet though....

[topvest] 13/7/2017 19:33

Looks very bad news. Relieved that I don't hold these any longer. Blimey didn't Lacey Partners invest in some rubbish highly liquid and leveraged assets? Think their credibility as an asset manager is close to zero. Still have some Value Catalyst Fund shares, unfortunately. Think this is possibly heading to zero!

[rjmahan] 02/12/2016 21:35

I dont know but you could ask them. I think the debt is reasonably short term so no guarantees either way....

Dont forget share is at 40% of NAV... Will revalue once the debt is paid down a bit more and it can start paying dividends...

[brwo349] 02/12/2016 20:59

Gearing here about 60%?
Can anyone speculate what happens here if there is an Italexit? Does the debt remain in Euros but the assets revert to lira? Or does both debt and assets convert to lira?

[edwardt] 09/8/2016 16:54

i assume nav growth is purely euro strength?

[praipus] 18/4/2016 11:02

8(th) April 2016. TERRA CATALYST FUND. Net Asset Value of the Company

The Directors of Terra Catalyst Fund ("the Company") wish to announce that the final Net Asset Value for the Company as of 31(st) March 2016 was 203.33 pence per share.

[praipus] 08/3/2016 12:45

Yep...the assets are in beautiful Italy and subject to fortune like all things.

[rjmahan] 06/3/2016 20:28

Praipus - do you own this ?

I do - its one where I can sleep safe in the knowledge that one day in the next four years it will probably double...

[praipus] 04/3/2016 22:45

RNS Number : 1682R

Terra Catalyst Fund

04 March 2016

4(th) March 2016

TERRA CATALYST FUND

Net Asset Value of the Company

The Directors of Terra Catalyst Fund ("the Company") wish to announce that the final Net Asset Value for the Company as of 29(th) February 2016 was 200.39 pence per share.

-ends-

[edwardt] 07/7/2015 15:50

there you go -terms agreed - could be a good performer now for a month or so..

[skyship] 14/4/2015 07:46

rjm - as you must surely be aware, all valuations are based upon yield considerations; hence in an era of yield compression, values rise.

Very simplistically, if you buy an office block in Leicester providing £500k rent and you value with an 8% yield, then the asset will be valued at £6.25m.

Over the course of the next year yields on similar assets drop to 7%, so the asset will be revalued to £7.14m. All other things being equal of course...

A simple model surely can't exist as there are so many variables, starting with yield, covenant and lease length.

[rjmahan] 13/4/2015 18:49

Skyship thanks for the reply. I am serious. I don't entirely see why the Nav of a building need necessarily change when let. Surely for almost all building s if you drop the rent enough they will be let. That being basis on which they should be valued...

Also over at IERE unlet buildings have been sold at 50% discounts to Nav why would this be the case if the Nav was remotely accurate...

I really want to understand this better think it is time to read some surveying books...

I know prop cos provide detail but if I can't model Nav effect no real use to me...

I am often concerned NAV doesnt reflect likely open market sale value...

[skyship] 13/4/2015 08:27

rymahan was yr question to edwardt genuine?

Of course a lease extension can give rise to an asset revaluation.

# A building with no tenant - a void - could be valued at x

# That building with a small company tenant could be valued at x +15%

# That building with a blue chip covenant tenant could be valued at x +25%

# All valuations take regard to lease length - a short lease could lead to a void!

This is why propco Annual Reports always provide extensive detail on leases and covenants...

I am not aware of an available detailed guide to Surveyors valuation techniques.

[rjmahan] 09/4/2015 15:46

Edwardt why would a lease extension move Nav surely value of assets is the same...

Do you have any guide as to the theory of how NAV is calculated?

[edwardt] 08/4/2015 17:10

surely the idea here is is to extend leases - get circa 20% nav uplift (conservatively) and then sell. on current share price , we could make 1.5 times our money? easy!

[rjmahan] 31/12/2014 17:51

Sales + Low liquidity. If you read report TCF wont be able to pay out for several years (I estimate 4) unless sold. However after 4 years I recon this can have a 10% yield.

[praipus] 23/12/2014 18:00

Curious price weakness. results and investment environment look ok IMHO

[rjmahan] 15/9/2014 22:06

Praipus - they arent redeeming £2 a share as they can't - its is locked up in Italian telephone exchanges. They are looking to realize - but it will take a while. They are simply returning cash.